2022 Property Market

November 21, 2022

While the activity is expected to continue for the 2022 property market, some regions will add value to the projects. While the appreciation continues in popular regions for foreigners, a recession is expected in the coastal area, which was preferred red last year due to the pandemic. While the projects carried out this year are expected to add value to other regions, urban transformation is also expected to gain momentum. However, apart from all these, there are still very important points that you need to pay attention to when buying a property.

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Property Sector in Turkey

The real estate sector; land, garden, shop, etc. with more “property” though other components are identified. Because housing is the need for shelter. Added value as a vital tool that. It is a high economic good. This study takes into account the breadth of the subject. Only with the housing sub-sector. Has been limited. The real estate industry as a whole without being held in the background, here primarily housing characteristics of the sector will be listed, then this development of the sector in our country and alternative. How it is financed by models will be explained. As a result, in light of the available data, some Emphasis will be placed on the findings.

Foreigners Who Want to Buy Property in Turkey

The ability of foreign nationals to purchase real estate from Turkey is regulated in Articles 35 and 36 of the Land RegistryLaw No. 2644. To buy immovable property, it is not necessary to have a residence permit in Turkey. In other words, you can buy immovable property even if you do not have a residence permit. As a result of the recent developments in the Middle East, our country hosts many foreign citizens. With the legalization of granting Turkish citizenship to foreigners who buy real estate for at least $250,000 or invest $500,000 or more in Turkey, their demands for owning a house in Turkey are increasing day by day. According to the current legislation in Turkey, official contracts aiming at the transfer of immovable property must be made at the Land Registry Offices where the immovable is located. It is also possible to sign a “promise of sale contract” in the presence of a notary before the official sale. The acquisition of the ownership of the immovable whose sales contract is made officially is possible with the registration to be made at the Land Registry Offices.

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Provinces to be Valued in Turkey

In the statement made by Denge Valuation, the most valued places were listed, and “We can say that cities such as Istanbul, Ankara, Aydın, Antalya, Trabzon, Yalova, Bursa, Muğla, İzmir, Mersin, Çanakkale will come to the fore. It is possible to go to Istanbul city center in the morning and return in the evening. It is possible that regions such as Beykoz, Şile, Büyükçekmece, Ağva, Silivri, etc. In addition, if the new metro lines are completed and put into operation in 2022, it may be possible to see serious value increases in regions such as Ataşehir, Ümraniye, Halkalı, Kurtköy. Especially in Ataşehir and Ümraniye districts, the increase in value again momentum with the effect of the International Finance Center project, while it is said that “Because of the increase in the purchasing power of the Exchange Rate, which is one of the regions where sales to foreigners are intense, it will shift to the central districts, in the city center of Istanbul, Beşiktaş, Kağıthane, Esenler, Beylikdüzü, Esenyurt, Zeytinburnu. Districts such as Başakşehir and Başakşehir come to the fore.

Turkey Tourism Sector

Being the 10th most popular tourist center in the world and hosting more than 38.6 million tourists in 2017, Turkey continues to offer extensive investment opportunities in both established and developing sub-sectors of the tourism industry.

With its convenient location, current potential, mega projects, and ambitious targets set for 2023, the tourism sector continues to grow at a rate that exceeds its bed capacity. Despite their markable increase in investments in the country in recent years, there are still great opportunities for new ventures. In addition to cultural tourism, Eastern and Southeastern Anatolia have an important potential that is waiting to be evaluated in terms of the boutique hotel concept that overlaps with the characteristics, history, and culture of the regions and is becoming increasingly widespread.

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Real Estate Market in Turkey

Turkey, one of Europe’s most promising real estate markets, the phrase “location, location, location”, which is frequently used in real estate markets, is a very appropriate expression for the country. With its strategic location at the crossroads of Europe, the Middle East, and Central Asia and a population of close to 81 million, Turkey offers great opportunities for real estate developers and investors by combining its strong construction sector with its ever-growing commercial and industrial production.

The total number of properties sold in the Turkish real estate market reached 1.4 million in 2017. With the abolition of the reciprocity law in 2012, real estate sales to foreigners started to increase. A total of 22,234 residences were sold to foreigners in 2017, an increase of 22.2% compared to the previous year. In terms of property sales to foreigners, Istanbul ranked first with 8,182 sales in 2017, followed by Antalya with 4,707 sales, Bursa with 1,474 sales, and Yalova with 1,079 sales.

Increase in Foreigners Buying Property in Turkey

The increase in the number of foreigners buying property in Turkey continues. The choice of this way to obtain Turkish citizenship leads to various discussions.

According to the property sales statistics of the Turkish Statistical Institute (TUIK), Russians, Iranians, and Iraqislead, were followed by citizens of Kazakhstan, Germany, Afghanistan, Ukraine, and Yemen. It is stated that the tendency to buy property abroad among Turks is on the rise. It is stated that the USA, the United Kingdom, Germany, France, Switzerland, and the Netherlands stand out, especially in cities such as Miami, New York, Berlin, Paris, and London. When the USA is mentioned, a green card, which provides permanent residence, also comes to mind. While foreigners in Turkey can apply for citizenship in exchange for a housing purchase of 400 thousand dollars, things are a little different in the USA. Cenk Çelik, in addition to the green card right, which is granted to a very limited number of people, is processed in return for an investment of 800 thousand dollars in developing regions and 1 million 50 thousand dollars in developed areas.


Historical Hotels in Istanbul

Istanbul is an ancient and magical city with a history stretching back thousands of years…

It is full of old buildings that still make you feel the texture and spirit of its history. It is a wonderful feeling to watch these old buildings and dream about what happened inside, who went in and out of these doors, who lived in these houses, who looked through these windows. Hotels, on the other hand, are a different story…

The rooms of the hotels, which host the short-term residents of the cities, are intriguing places that host many more people, memories, and events. Istanbul’s still functioning historical hotels are also very attractive with their stories, events that hatshaped the history of the city, famous guests, and my serious stories.

Pera Palas

Pera Palas is undoubtedly the first place that comes to mind when it comes to historical hotels in Istanbul. It was opened with a magnificent ball in 1895 as Turkey’s first hotel by European standards when Beyoğlu was called Pera. There a son of the opening of the hotel was to host the guests brought by the Orient Express, one of the most luxurious train journeys in the world.

  • Splendid Palas

Splendid Palace, one of the most elegant buildings of Büyükada and perhaps even Istanbul, rises in Art Nouveau style with its silver domes and red shutters. The synthesis of east and west can also be seen in the architecture of the hotel, with its bright inner courtyard and columns around the courtyard. Splendid Palas, opened in 1908, is also the only hotel in Turkey with the status of a first-degree historical monument and operated by keeping the originality of the first day’s features. The hotel, which also hosted Mustafa Kemal Atatürk at a dinner held in 1929, hosted many balls, including the Republic Balls. When you enter the hotel, it is as if you hear music from the 1930s and see the guests hanging around in the clothes of that period.

  • CiraganPalace

As perfect as living in a real palace can be, Çırağan Palace offers this level of excellence to its guests. Çırağan, one of the most luxurious hotels in Istanbul, operated by the Kempinski hotel chain today, was built in 1857 during the reign of Sultan Abdülmecit, taking the palace models from Western culture as an example.

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